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Weekly Report - 22 March 2018 (WR-18-11)

VENEZUELA: Maduro performs purge as petro pummelled

President Nicolás Maduro is tightening his grip over the ruling Bolivarian movement, eliminating internal rivals in the oil sector and the military, after forging his own party Movimiento Somos Venezuela. But just as Maduro is seeking to consolidate control, an external development ratcheted up the pressure on him. The petro, the cryptocurrency billed by his government as a panacea for Venezuela’s profound economic ailments, and launched with much fanfare by Maduro in February, was dealt a crippling blow by the US.

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